Prime Minister of India under Pressure after Demonetization

Narendra ModiNarendra Modi, the Prime Minister of India, had sent the entire country into shock on November 8, 2016, when demonetization was an introduction in the country. The demonetization drive was introduced as a stringent measure to stop the money laundering and eliminate the black money.

Under the demonetization drive, the BJP government blacklisted the 5,000 Rupee note and 1,000 Rupee note which was no longer legal tender. The entire nation was reeling under crisis and chaos for full two months because of the lack of currency. People had to suffer a lot as the government did not make proper plans to replace the blacklisted notes with the new money.

It was one of the boldest moves taken by any Prime Minister of India, but the results are not satisfactory. 12 months have passed since the demonetization drive, and it has been hailed as a complete failure by the experts and financial analysts.

The demonetization drive hurts the growing economy of the country, and things got slowed down. This, in turn, has caused the opposition Party Congress to put scathing remarks and innuendos on the present government.

Oneindia News

Arun Shourie who was the former Union Minister has vocally criticised the Prime Minister for his failure in implementing the demonetization drive properly. It failed to check the money laundering in the country and did not put a check on the conversion of black money into white money. It has also caused scarcity of jobs and has turned the thriving economy into a sluggish market.

Arun Shourie made the following statement to the press:

This is a government by ‘ilhaam‘ (revelation). The Prime Minister has the ‘ilhaam‘ one night that demonetization should be done and he does it. In any case, it was a bold step. I have to remind you suicide too is a bold step.

The former Union Minister has severely criticised the justifications of the BJP government. According to the BJP, there were two significant reasons for demonetization. The first being putting a check on the black money flow and second was to limit the financial resources to the terrorists who are suspected of using the counterfeit 500 and 1000 notes to finance their malicious campaigns.

Arun Shourie said that the demonetization process was unable to check the flow of black money in the country and the terrorist attack continues to happen. He also pointed out that other vital leaders including former Finance Minister Yashwant Sinha and M Chidambaram have termed the demonetization a total failure.

From 1 July 2017, a new bill called Goods and Service Tax (GST) was introduced by the BJP government. It was done to simplify the existing tax system in the country. Instead, it severely affected the small and medium businesses in India.

The suffering continued, and the introduction of GST after the demonetization drive further aggravated the problems of the ordinary person. Majority of the population are reeling under a lot of pressure, and the poorly executed plans from the BJP government is causing unwanted hardship.

Rich Archer

Rich Archer

Hi, my name is Rich Archer. I am living in London. Welcome to Binary Manual. Reach to Binary Options broker reviews and market news here.


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